When we look at all of the product data assets through the eye of the customer journey, we have the ability to measure and analyze new and exciting things. This begins by taking a 360-degree view of your product data and having the right KPIs and metrics for measuring success, which is the cornerstone for your digital commerce strategy.
Here are three KPIs that marketers should be empowered to evaluate on their website and answer to effectively measure their digital commerce performance:
What is our bounce rate?
Bounce rate tells you how many users leave your website after viewing only one page. If this number is high, you’ll want to investigate why visitors are leaving instead of exploring. We know bounce rate tends to be higher when visitors land on pages without images or on pages lacking in rich or relevant content. We can look into the 360-degree view of our products to find pages with a high bounce rate without images or that score lower on our completeness ratings. Once we add images or enrich the content, we can continue to monitor our analytics to determine if the bounce rate decreases.
How many page views per visit?
Page views per visit refers to the average number of pages a user will view on your website during each unique visit. We know that page views per visit are higher when users visit pages with links to cross-sells and upsells, which can drive click-through to other pages. If page views are low, we can start our investigation by looking into our data for highly visited pages with few or no links. We can also measure conversion rate on click-throughs to gauge whether the cross-sells and upsells are effective.
What is average time on site?
Time on site is how much time visitors are spending on your website. Generally, more time spent means they’ve had deeper engagements with your brand. Both images and cross-sells have proven to positively influence time spent on a website. As such, similar to the previous two questions, looking at our 360-degree view of products will help us find opportunities to increase time on website and drive engagement.
Taking a holistic view of product data and looking through the lens of the customer journey will enable you to drive competitive advantage through intelligence-based digital commerce. Furthermore, many other journeys exist, including those of suppliers, distributors and the entire selling journey. Each of these will result in product data assets that will further enrich your 360-degree view of your products, providing you with business insights and actionable product information intelligence.
Want more information about how Magnitude Agility PIM can help your organization deliver a 360-Degree view of your products? Request a demo today.